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China to cut steel capacity to 1.13b tonnes

Steel firms have blunted some of the impact of overcapacity by selling their surpluses abroad

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The February plan also banned new steel projects, but the China Iron and Steel Association had warned of a further rise in capacity this year.

Beijing

CHINA'S plans to shut steel mills over the next five years would cut total capacity to an estimated 1.13 billion tonnes by 2020, still far in excess of the country's needs, a government official said on Saturday.

In February China announced plans to shut 100 million to 150

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